Meet Wilbur Ross, Trump's commerce secretary pick

Donald Trump's choice of Wilbur Ross for commerce secretary would add another billionaire and investing voice to the president-elect's administration.

Ross, 78, is chairman of W.L. Ross & Co. and has a decades-long history as a distressed debt investor. He advised Trump on economic policy during the campaign, along with other wealthy businessmen and investors Harold Hamm, John Paulson and Tom Barrack.

If approved, Ross would take over a Commerce Department set to take a major pivot on trade and job creation. He will become another wealthy businessman making decisions for an administration propelled to the White House by economic populism.

Ross has made what is estimated by Forbes to be a $2.9 billion fortune by saving companies in a variety of sectors, including steel and coal. Before starting his own firm, Ross led Rothschild's bankruptcy practice for 25 years.

"Trump's plan ... calls for cutting corporate taxes from 35 percent to 15 [percent]. That's going to help solve one of our big problems, which is our trade deficit, because it means corporations are can cut their pretax margin by 20 percent," he said.

Ross, like some of Trump's other key advisors, put money behind Trump's election effort. He gave $200,000 to Trump's joint fundraising committee with the Republican Party and donated the maximum $2,700 donation to Trump's campaign, according to the Federal Election Commission.

Icahn previously said Trump was considering Ross for the commerce post. He called Ross and expected Treasury pick Steven Mnuchin, "great choices" and "two of the smartest people I know."